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Saturday, June 6, 2020

CBN moves to cushion economic hardship on households, slashes interest rate on OFIs facilities to 5% per annum

As part of its continued effort to mitigate the impact of the coronavirus (COVID-19) on households, businesses and regulated institutions, the Central Bank of Nigeria (CBN), has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from nine percent to five...

Nigeria’s Q1 2020 Real GDP Grows by 1.87% on Weak Non- Oil Sector Performance.

In line with our expectation, Nigeria’s real Gross Domestic Product grew year-on-year (y-o-y) by 1.87% to N16.74 trillion in Q1 2020, slower than 2.55% growth registered in Q4 2019. The non-oil sector which accounted for the relatively weak GDP growth rate, grew y-o-y by...

Average Nigerian commuters fare increased by 8.21 per cent in April – NBS

In its Transport fare Watch report for April 2020 on Wednesday, the National Bureau of Statistics (NBS) said the average fare paid by commuters for bus journey within the city increased by 8.21 per cent month-on-month and by 23.43 per cent year-on year to...

Analysts see MPC retain interest rate at 13.5% Amidst rising inflation

As the May 2020 meeting of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) holds this Thursday, a financial expert, Mr Lukman Otunuga, has forewarned Nigerians not to expect a repeat performance of its March 26, 2019 rate reduction. According to Otunuga,...

Covid-19: World Bank to support States with $1.5bn — Zainab Ahmed

The World Bank has got a proposal of 1.5 billion dollars to states as part of economic stimulus to cushion the impact of the COVID-19 pandemic, says Minister of Finance, Zainab Ahmed. Ahmed briefed State House correspondents on Thursday after the virtual National Economic Council...

Nigerian capital importation hit $5,854.38m in Q1

The total value of capital importation into Nigeria stood at $5,854.38million in the First Quarter of 2020, according to the National Bureau of Statistics (NBS). In its report titled “Nigerian Capital Importation (Q1 2020)’ posted on its website on Tuesday, the NBS said the importation...

Most local airlines may shut down permanently without govt intervention -Bankole

Some indigenous carriers may not have the operational funds to resume flight operations when the federal government lifts the ban occasioned by COVIID-19 lockdown in June, unless government makes available its promised bailout on time. To this end, the Managing Director of Med-View Airline, Alhaji...

Nigeria Records 1.87% Economic Growth in Q1’2020 Despite Oil Crash Revenue Slup

Nigeria’s Gross Domestic Product (GDP) grew by 1.87 per cent (year-on-year) in real terms in the first quarter of 2020 (Q1 2020), the National Bureau of Statistics (NBS) stated Monday. The performance recorded represented a contraction of 0.23 per cent compared to Q1 2019 and...

Crude Oil Prices Rise amid Gradual Relaxation of Restrictions, Cut in Global Supply…

In the just concluded week, crude oil prices increased given the commitments made by the Organisation of the Petroleum Exporting Countries (OPEC) and their allies to cut crude oil supply by 9.7 million barrels per day through the end of June 2020, from May 1,...

World Bank to decide on Nigeria $1.5 bln loan in late July

May 22 - The World Bank expects to make a decision in late July on a $1.5 billion loan to support Nigeria as it fights the novel coronavirus, the Bank's country director said in an interview on Friday. The World Bank is working on...